Simplified bond module covering both custodianship and transhipment - Multiplicity and multi-utilisation of bond - Regarding

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....New Delhi Subject :  Simplified bond module covering both custodianship and transhipment - Multiplicity and multi-utilisation of bond - Regarding. I am directed to invite your attention to above subject and to say that an Inter Ministerial Group (IMG) headed by Secretary (Revenue) examined various issues relating to simplification of customs procedures. IMG felt that the issues relating....

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....ank guarantees executed with Customs for custodianship of ICDs/CFSs to cover safety and security of cargo being transhipped by them. The details of such bank guarantee shall be informed to the Commissioner of Customs having jurisdiction over the gateway port. The custodians of ICDs/CFSs shall be allowed to tranship the cargo against the said bank guarantee and they will not be required to execute ....

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....s well as the average value for containers. 4. In view of existing circulars efforts should be made to reduce multiplicity of bond. Further EDI system of Customs has a 'bond module' which will be fully utilized once 'message exchange facility' is operationalised between two ports. The implementation of bond module for re-crediting is in conformity with the Regulation 4 of the Goods Imported (Co....